Holding residential property on inter vivos trusts in Singapore: transfers to trustees

Abstract As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are me...

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Bibliographic Details
Published in:Trusts & trustees 2022-12, Vol.28 (10), p.938-948
Main Author: Ooi, Vincent
Format: Article
Language:English
Subjects:
Amendments
Beneficiaries
Conveyancing
Interest (Law)
Laws, regulations and rules
Living trusts
Powers (Law)
Property
Residential real estate
Stamp duties
Succession planning
Taxation
Transfer (Law)
Trustees
Trusts
Trusts and trustees
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Summary:Abstract As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These conditions effectively mean that residential property held on inter vivos trusts in Singapore must be given to beneficiaries without conditions or powers of revocation or variation. This has major ramifications for succession planning, since such restrictions largely defeat the purpose of using a trust to hold property in the first place.
ISSN:1363-1780
1752-2110
DOI:10.1093/tandt/ttac096